Sun Sentinel Palm Beach Edition
Flagler Village towers would rival city’s tallest
Smaller rental units would have upscale amenities
Fort Lauderdale’s pricey Flagler Village is on the cusp of another high-rise luxury residential project — this time a pair of towers that would exceed 40 floors, rivaling the city’s tallest buildings in stature and height.
Now dubbed “317 N Federal,’ the project envisioned by Merrimac Ventures CEO and President Dev Motwani would stay in line with the village’s upscale theme, but at prices that would be $200 a month below what neighboring landlords charge tenants.
The towers would be built in phases, with the first rising to the west of Federal along Northeast Third Street. Construction would start next year.
“That’s designed with smaller units but higher-end amenities than some of the other projects in Flagler Village,” Motwani said by phone Monday. “We want to bring down the total price point [with] a smaller, more efficient design.”
The project’s site application is scheduled to go before the Fort Lauderdale Development Review Committee on Tuesday.
According to the application, the west tower would rise to 453.16 feet with 42 floors, offering 390 units and 561 parking spaces. Motwani expects the building to be completed in 2024.
The second tower at 317 North Federal would rise to 495.67 feet with 45 floors, offering 326 units and 522 parking spaces.
It remains to be seen whether the proposed taller tower on Federal would offer rental apartments or condos.
“The second phase would hopefully start within a year or two of [the first] building opening,” Motwani said. “I think the second phase on U.S. 1 could be either apart
ments or condos. A lot of that would be determined by what the market looks like.”
Neighborhood makeover
One certainty is that the neighborhood would look dramatically different than it is now.
Both towers would stand higher than The Dalmar Hotel, a 25-story building one block to the south, and higher than The Rise Flagler Village apartment building, which stands 30 stories high west of the Dalmar.
The second Merrimac tower would rival, but not surpass, the Kolter Group’s 100 Las Olas building in the center of downtown, which holds the title of the city’s tallest. Opened last year, the high-rise boasts 46 floors and stands at 499 feet, according to Kolter. It is home to more than 100 condos, a Hyatt Centric hotel and restaurants.
Overall, the Merrimac project would have 716 residential units, nearly 1,100 parking spots and commercial space.
The project would mean the end of the longtime Greyhound bus station, which would have to find another home to make way for the west tower.
So would a Sherwin-Williams paint store, which is vacating its Federal Highway store. Motwani said he has retained a commercial real estate agent to find a tenant for the block-long space.
Cheaper, but still pricey
Although Merrimac’s apartments would be priced at $200 a month less than other complexes in the area, Flagler Village area rents are more in line with what a corporate executive, lawyer, or some other professional might spend.
Nearby apartments at The Rise at 405 NE 2nd St. range from $1,750 for a studio to $4,500 for a three-bedroom apartment, according to listings by Apartments.com.
Prices are even higher east of Federal and closer to Las Olas. At the Amarey Las Olas by Windsor, rents start at $2,135 for a studio and go up to $6,820 for a three-bedroom apartment, according listings by RentCafe.